POWER raises $ 3 million to build the future of music
Brussels, Belgium – December 22, 2021 – Power, the revolutionary musical project of young Parisian entrepreneurs, is taking shape more and more and we need to talk about it. After raising $ 3 million in 2021, the team making up the Power project arrives with solid ambitions: to reinvent the music industry, by offering all its players a fairer, more dynamic redistribution of profits and a crowdfunding. Very interested in all the possibilities offered by the massive digitization of artistic content, Power intends to exploit this opportunity to achieve its mission.
The music industry saw a 50% drop in revenue between 2002 and 2010. At its peak, the compact disc generated as much as $ 1.4 billion, falling to $ 474 million in 2015. Today Today, streaming is exploding, but still does not compete with the results obtained by CDs in the early 2000s, with $ 658 million generated in France in 2020.
Today, and especially in rap where artists generally start with little money, record companies have learned to place themselves at the right time on future talent, which represents a profitable investment. To understand this, you have to take a closer look at how a career is built: initially, the artist is not known. Listened to and shared by those close to him, boosted by his personal strategy, he will build up an audience over time via networks, streaming platforms and small events in which he will create a place for himself. This step is the most difficult for the artist, because it is about creating from scratch. Then comes the beginning of notoriety, which in current patterns calls for the release of a first album, since it is now worth it for the artist. The investment in this first project, if it is listened to by the artist’s already constituted fan base, will be profitable. But who says investment says capital to move forward?
This brings us back to the precariousness of the artists, because it was just before the conception of this first album, when most of the work was done, but the money is still not in the artist’s pockets, that ‘arrive the record companies. They offer, in exchange for a contract with the artist, a large sum of money. However, this sum of money does not represent the profits that an artist would have generated if he had had the means to finance his own project, his studio sessions and the promotion of his album. This is exactly the problem Power was designed for: It wants to allow artists to make a living from their music without any content control from major platforms, removing them from the marketing calculations of record companies and allowing them to focus on their music. Power therefore offers a simpler solution to artists, allowing them a better link with their community: democratize the funding of artistic projects, make it accessible to fans, like an online kitty.
Power’s mission is to redistribute the cards in the music industry: its platform, which aims to digitize the trust that listeners place in an artist, hopes to open up another avenue for artists than the very disadvantaged one created by record companies and labels. Instead of a physical album or merchandising, Power offers its users to directly finance the artist’s project.
The scheme is simple: fans believe in an artist, they want to support his work so that he can truly focus on his art. Where the Power project is really innovative is that this funding by ordinary listeners is also of interest to them: once the project has come to an end and the profits generated by the artist, part of these will be redistributed in proportion to the investments. made to fundraising participants. This double remuneration, designed by Power, will allow the artist to make a living from his art and the public to have a personal interest in the artist’s success. It is through this prism that Power intends to generate a new community of listeners, enthusiasts and invested in the musical projects of tomorrow.
Imagine the engagement that this will generate in an audience that has also invested in the artist. It is not only the results in streaming and the quality of the projects that will be impacted, but all the musical culture with a certain interest in the concerts of artists, the sales of clothing related to this culture etc.
The founders of Power believe that this is a turning point in the music industry: this new era will mark a decline for large entities that have locked the music industry for too long. With Power, artists and listeners will truly feel at the center of a sharing industry that, after all, only needs them.
For complete information visit: http://www.power.io
Company Name: Power.io
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